The Banco de Costa Rica (BCR) has contributed ¢162.5 billion over the past decade to support various national institutions through parafiscal transfers, according to a recent announcement from the bank. Each year, BCR allocates 33% of its profits to four key entities: the Disability, Old Age and Death Regime (IVM-CCSS), the National Institute for Cooperative Development (INFOCOOP), the National Commission for Student Loans (CONAPE), and the National Emergency Commission (CNE).
Of these contributions, 15% goes to IVM-CCSS to supplement contributions made by lower-income workers and strengthen the fund’s reserves. INFOCOOP receives 10%, which it uses to finance cooperative development, offer credit, promote the cooperative model, and create jobs in vulnerable areas.
Five percent is directed to CONAPE, helping ensure its sustainability by funding student loans with low interest rates for higher education. The remaining 3% supports CNE’s work in risk management and national emergency response.
“Just as it has done for nearly 149 years, BCR will continue its operations focused on serving with excellence in order to keep generating profits that not only contribute to the institution’s strength, credit generation, and expansion of coverage across the country but also provide support for many sectors that benefit from parafiscal charges,” stated BCR representatives.
These ongoing contributions are part of BCR’s long-standing role in supporting Costa Rica’s socio-economic development since its founding in the nineteenth century.
